Publicis: BofA raises target price

(CercleFinance.com) - On Wednesday Bank of America raised its target price for Publicis shares to 72 euros, while maintaining a buy rating on the stock.


In a report on advertising agencies, BofA said it expects Publicis and WPP to continue to experience very different fortunes over the next few years.

While WPP - on which it has an "underperform" rating - saw its CFO resign yesterday, Publicis has sealed an innovative partnership with Carrefour, the broker says.

BofA says that it expects Publicis' results to be more resilient anyway, with EPS expected to fall by 3% next year, compared to an 11% drop for WPP, a difference that the analyst attributes to a stronger business mix and a more flexible cost base.

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